Eko India Financial Services
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About
Founded by brothers Abhishek Sinha and Abhinav Sinha in 2007, with its patented technology and with money remittance as a core service, it has partnerships with over 11 allied services that assist the typical Indian to make digital transactions in cash, thereby creating a data trail. Through Eko, you can make utility bill payments, recharge for prepaid telephony and prepaid television, make cross-border transfers from India-to-Nepal, buy health and auto insurance, do online shopping and Aadhaar-enabled payment services and MSME lending.Eko enables its merchants to service cash customers with online transaction needs. It has built a high- velocity, small-value, cash collection capability that is already collecting and converting over US$8 million in cash to digital money every day. On this foundation of cash collection capability, Eko is creating a mechanism to serve cash customers on its digital platform.Ekos network extends beyond 100k merchants across 150 Indian cities. As on today, Eko processes over US$230 million in transactions per month and has created Indias largest cash-to-digital network. Through these online transactions and the corresponding data, Eko is empowering its merchants and customers by helping them build a transaction history and credit score. This data trail will help customers to borrow at commercial rates. Through this model Eko has already extended loans in excess of US$150 .
Eko India Financial Services Private Limited provides mobile-based platform for banking, savings, payment, merchant transactions, bill payment, and cash collection services.
Focus
PRODUCTS & SERVICES
Mobile Banking, Cash Management, Money transfers, Payments - Provides all these services via local merchants who act as agents. Currently the company is focused on developing wallet solutions and apps for consumer money transfer/remittances. (Fundu, an app that allows every user to be an ATM by leveraging NPCI's UPI infrastructure is in the alpha-testing phase) Eko provides a low cost financial transaction alternatives at remote customer locations.
REVENUE MODEL
Eko generates revenue by charging fee for deposits and withdrawal transactions. The fees varies based on the banking partner and type of service provided - varies from 1-2.5%.
MAIN CLIENTS
Consumers and retailers
EXISTING PARTNERSHIPS
NPCI
ICICI bank
Yes bank
SBI
IndusInd
RBL - to power Eko Wallet services. Business Correspondent for SBI and ICICI
as a distribution partner for Bharati AXA Life Insurance. Pine labs - to provide money transfer services at POS. Prabhu Money Group - To provide Indo-Nepal remittance services.
PRIMARY PROBLEM SOLVED
Eko converts cash to digital and enables payments for 11 services provisioned by 23 service provider partners. These include, domestic money transfer, utility bill payments, recharge for prepaid telephony and prepaid television, cross-border transfers from India-to-Nepal, health and auto insurance, online shopping, Aadhar enabled Payment Services and MSME lending. Eko has an open platform and extends APIs, SDKs, widgets, and white-label UI for both service provider partners and network partners to plug into the platform. Over 180 partners, mostly regional networks spread across the country, plug into Eko’s platform to acquire customers (issue Eko wallets) and merchants.
COMMENT
Eko provides banks and customers at remote locations with ways to do financial transactions without requiring to open branches and involving bank staff. Promotes financial inclusion services (targeted to the unbanked and underbanked).
Traction
NUMBER OF TRANSACTIONS:
10 M
TRANSACTIONS VALUE:
$1 M
ACTIVE USERS:
0.1800
People
FOUNDERS
Abhinav Sinha
Manoranjan Kumar
Sanjay Bhargava
BOARD MEMBERS AND ADVISORS
Abhishek Sinha
Abhinav Sinha
Tanmoy Majumder
NUMBER OF EMPLOYEES
51-200
INVESTORS:
Momentum
FUNDED
NO
NUMBER OF FUNDING ROUNDS
1
TOTAL FUNDING
$5.5 M
DATE OF LAST FUNDING
Jul 2011
IPO STATUS
Private
ESTIMETED REVENUE RANGE
$1M to $10M
LISTED
NO
Web Traffic
MONTHLY VISITS
2,042
AVERAGE VISITS (6 MONTHS)
12,897.21
MONTHLY VISITS GROWTH
-70.48%
VISIT DURATION
100
VISIT DURATION GROWTH
281.42%
PAGE VIEWS VISIT
1.31
PAGE VIEWS VISIT GROWTH
-2.51%
BOUNCE RATE
76.56%
BOUNCE RATE GROWTH
-1.06%
GLOBAL TRAFFIC RANK
4,685,959
MONTHLY RANK CHANGE
1,633,792
MONTHLY RANK GROWTH
53.53%
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Eko
About
Eko India Financial Services Private Limited provides mobile-based platform for banking, savings, payment, merchant transactions, bill payment, and cash collection services.
Focus
PRODUCTS & SERVICES
Online transactions for ‘cash’ customers — Over 90 percent of India’s population or 1.2 billion people are employed in the informal sector and largely earn in cash. Started in September 2007, Eko has built the largest network to convert cash to digital in India, extending beyond 100k merchants across 150 cities, serving a registered customer base in excess of 40 million. Eko adds 5k merchants and close to a million customers and processes over US$230 million in transactions per month, a figure growing by 6 percent each month since August 2015 when Eko went live with its Prepaid Payment Instrument (PPI) license issued by the Reserve Bank of India. Eko converts cash to digital and enables payments for 11 services provisioned by 23 service provider partners. These include, domestic money transfer, utility bill payments, recharge for prepaid telephony and prepaid television, cross-border transfers from India-to-Nepal, health and auto insurance, online shopping, Aadhar enabled Payment Services and MSME lending. Eko has an open platform and extends APIs, SDKs, widgets, and white-label UI for both service provider partners and network partners to plug into the platform. Over 180 partners, mostly regional networks spread across the country, plug into Eko’s platform to acquire customers (issue Eko wallets) and merchants. Massive lending opportunity: Cash-to-digital-to-data — With over 80 percent of retail transactions in India still taking place in cash, Eko offers a unique proposition to probe the ‘cash’ transactions. Eko converts cash-to-digital and this conversion generates ‘data’ that is captured by Eko and thereafter leveraged for underwriting. Furthermore, Eko utilizes its ‘cash collection’ capabilities to ensure robust repayment. This model, in beta testing mode, has already extended loans in excess of US$150 million to merchants who otherwise lack a formal ‘credit score’. We are targeting over US$2 billion of working capital loans in the next 2 yrs. Eko is also beginning work with partners to extend loans to end customers, a population that is already at 40 million and growing.
REVENUE MODEL
Eko generates revenue by charging fee for deposits and withdrawal transactions. The fees varies based on the banking partner and type of service provided - varies from 1-2.5%.
TOP PROBLEM SOLVED
Eko converts cash to digital and enables payments for 11 services provisioned by 23 service provider partners. These include, domestic money transfer, utility bill payments, recharge for prepaid telephony and prepaid television, cross-border transfers from India-to-Nepal, health and auto insurance, online shopping, Aadhar enabled Payment Services and MSME lending. Eko has an open platform and extends APIs, SDKs, widgets, and white-label UI for both service provider partners and network partners to plug into the platform. Over 180 partners, mostly regional networks spread across the country, plug into Eko’s platform to acquire customers (issue Eko wallets) and merchants.
PRODUCT DEVELOPMENT STAGE
V2.0 or BEYOND
PRIMARY CUSTOMER TYPE
Small and Medium Business - Physical Retail
Small and Medium Business - Online Retail
Consumer
PRODUCT ATTRIBUTES
SaaS
Customer facing
Traction
NUMBER OF TRANSACTIONS:
10 M
TRANSACTIONS VALUE:
1 M
LIVE USERS/TRANSACTIONS:
Yes, in live production
CHANNEL STATUS
MULTIPLE CHANNELS
People
NUMBER OF EMPLOYEES
51-200
BOARD MEMBERS AND ADVISORS:
Abhishek Sinha, Abhinav Sinha, Tanmoy Majumder
INVESTORS:
Momentum
FUNDED
YES
TOTAL FUNDING:
$6.95 M
LISTED
NO